STREET DOGS
Wrong
Some assumptions that just aren’t true
From Ben Carlson at A Wealth Common Sense, some assumptions that just aren’t true: "Two hundred-page reports are a good idea. Charlie Munger once said, ’Any time anybody offers you anything with a big commission and a 200-page prospectus, don’t buy it.’ The same could be said about advisers, consultants or money managers who supply endless pages of performance or portfolio reviews. "Intelligence is all that matters. One of the finance industry’s biggest failings is many blindly assume absolute brilliance is all they need when it’s really a relative game. There are plenty of smart people who are terrible investors because they can’t admit their own limitations. "You have to have an opinion about everything. Some money managers just can’t help themselves and have to predict what’s going to happen with the Fed, the election, interest rates, the price of gold, etc. It’s okay to have a ‘too hard’ pile or simply admit you don’t know what’s going to happen at all times. "Complex markets re...
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